Mixed-Use Property with
For Sale
$395,000
6551 W 63rd St, Chicago, IL 60638
Front commercial space, residential quarters, basement storage, and a separate garage support multiple occupancy arrangements.
Property Size1,800 SF
Price / SF$219.44
Days on Market202
Property Features for 6551 W 63rd St
General Information
Standard status
Active
Size
1,800 SF
Total Parking Spaces
2
Zoning
C2-2
Site & Location
Neighborhood
Clearing
Amenities
private bathroom
full basement
detached 2-car garage
Building Details
Year Built
1962
Buildings
2
Tenancy
Multi
Listing Agency:
REMAX Legends
Listed By:
Nazire Tahiri · License #475203950
(708) 359-8760
Source:
Amyboston.realtopiare
Added: Apr 7
Changed: Oct 3
Last Checked: Oct 7 at 2:44PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of REMAX Legends
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Investment Insights
Based on property information with market context.
This mixed-use property combines a street-facing commercial area with a residential component and supporting improvements. The commercial portion includes a private bathroom and is occupied by a hair salon under a month-to-month lease. Behind it, the residence offers three bedrooms, one bathroom, and a full basement; it is currently vacant and available for occupancy or leasing. A separate two-vehicle garage is also included.
The 2,850 SF property was built in 1962 and is located at 6551 West 63rd Street in Chicago’s Clearing neighborhood. The site was previously used for automotive sales, adding relevant operating history for commercial users evaluating the property. Its mixed commercial and residential configuration provides an existing combination of leased and vacant space.
The 2,850 SF property was built in 1962 and is located at 6551 West 63rd Street in Chicago’s Clearing neighborhood. The site was previously used for automotive sales, adding relevant operating history for commercial users evaluating the property. Its mixed commercial and residential configuration provides an existing combination of leased and vacant space.
Key Highlights
- 2,850 SF mixed‑use property at 6551 West 63rd Street in Chicago
- Front commercial area with private bathroom and month‑to‑month hair salon lease
- Rear residential unit includes 3 bedrooms, 1 bathroom, and a full basement
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$30,375
Cap Rate
7.69%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$607,500
$607.5K
Cap Rate 7%
$433,929
$433.9K
Cap Rate 9%
$337,500
$337.5K
Market Conditions
NOI Build-Up for 1,800 SF
Gross rent
$54.0K $30.00/SF
− Vacancy
−$5.4K −$3.00/SF
EGI
$48.6K $27.00/SF
− OpEx
−$18.2K −$10.13/SF
NOI
$30.4K $16.88/SF
Area
Chicago, IL
Vacancy
10.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$607,500
Cap Rate 7%
$433,929
Cap Rate 9%
$337,500
Alternative Uses
Best Use
Mixed Use
$433.9K
$379.7K – $506.3K
NOI $30,375 @ 7.0% cap · market cap 7.69%
Second Best
Retail
$355.8K
$311.3K – $415.1K
NOI $24,903 @ 7.0% cap · market cap 6.30%
Theoretical Best
Office A
$848.7K
$742.6K – $990.2K
NOI $59,409 @ 7.0% cap · market cap 15.04%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
574
Businesses Nearby
13k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 76%
Dining 24%
7-Eleven
Shops & Services
6,023 visits/mo
0.3 miles
BMO Harris Bank
Shops & Services
4,134 visits/mo
0.3 miles
SUBWAY
Dining
3,240 visits/mo
0.1 miles
Demographics for 60638, IL
56,928
Population
21,636
Households
2.6
Avg Household Size
39
Median Age
24%
College-Educated
84%
High-School Grad
11.1 sq mi
ZIP Area
5,129
Density / Sq Mi
$89,191
Median Household Income
$50,902
Median Earnings
$1,327
Median Rent
$283,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Chicago, IL
Frequently Asked Questions
What type of property is this?
Mixed-use property - Front commercial space, residential quarters, basement storage, and a separate garage support multiple occupancy arrangements.
Where is this mixed-use property located?
The property is located at 6551 W 63rd St Chicago, IL.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: 2,850 SF mixed‑use property at 6551 West 63rd Street in Chicago; Front commercial area with private bathroom and month‑to‑month hair salon lease; Rear residential unit includes 3 bedrooms, 1 bathroom, and a full basement
